The proposal to built a 100-floor 'Reliance Towers' in Hyderabad has come up during former Chief Minister late YS Rajasekhar Reddy's tenure. However, The Project has been kept under back burner due to inflation and bifurcation. On Saturday, Telangana IT Minister K Taraka Rama Rao is going to conduct a crucial review meeting on 'Reliance Towers' project. He would be discussing with concerned officials regarding the incentives Reliance Infra has been seeking from State Government to kickstart the project.
In 2007, YSR Government handled the responsibility of this Rs 7,000 crore 'Reliance Towers' project to Reliance Infra. The 100-floor tower will spread across 20 million sq ft. About 76.2 acres in Ranga Reddy district's Manchirevula has been identified for the project. While Reliance Infra holds 66 percent stake, Shoba Developers and TSIIC holds a share of 23 percent and 11 percent respectively. Reliance Infra has already sanctioned half of the Rs 527 crore it promised to invest. However, The project has been stalled due to slow down of global economy and unrest due to Telangana movement.
Now, Reliance Infra is looking forward to revive the project if State Government is ready to waive the penalty imposed on it. KTR will be taking a final call during Today's meeting.